Assertions about account, Auditing

Assertions about account

Assertions about account balances at the duration end:

a) Existence-assets, equity and liabilities interests exist.

b) Obligations and Rights -the entity controls or holds the rights to liabilities and assets are the obligations of the entity.

c) Completeness-all liabilities or assets and equity interests which should have been recorded.

d) Allocation and Valuation -liabilities or assets, and equity interests that are involved in the financial statements at appropriate amounts and any conclusion allocation and valuation adjustments are suitably recorded.

Posted Date: 1/24/2013 7:32:24 AM | Location : United States







Related Discussions:- Assertions about account, Assignment Help, Ask Question on Assertions about account, Get Answer, Expert's Help, Assertions about account Discussions

Write discussion on Assertions about account
Your posts are moderated
Related Questions
Oversee commission staff to ensure individuals are properly trained and monitored. please provide me with some risks, controls and audit tests for the process above.

Capital allowances vs. Depreciation Whether the client can prove such they will keep the existing levels of investment in original terms, then there may be justification to ac

Historic Costs Methods - Long Term Contracts You will notice such this exercise is completely dependent on the company estimating its further costs.  This is wherever the audi

Q. What is Withholding Allowance? Withholding Allowance -Every taxpayer is allowed to claim a withholding allowance, which exempts a certain amount of wages from being subject

Meaning of True in Auditing Meaning of 'true and fair'/present fairly' Truth in accounting is quite different form scientific truth.  Accounting does without a deal along w

You are just appointed as the Trainee Accountant of the Compaq Computing Sdn Bhd - the newly established company. The manager is facing difficulties in maintaining the manual accou

International, Assurance Auditing, Standards Board (IAASB) The prologue to the International Standards on Quality Control, Auditing, Assurance and Related Services is issued to

Following three frameworks/ concepts are an integral part of the ‘world of auditing' which may be used by auditors throughout their audit engagements. (i) Overview of the audit

Negligence in General There is no case against auditors and this made it hard to be accurate as to where the auditor’s legal liability falls.  We require therefore referring to

Goodwill and Business Combinations - Intangible Assets Goodwill is the one of most strange of all assets since it cannot be differentiate from the business.  It cannot be sold